Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved a revenue of 23.63 billion yuan in H1 2025, representing a year-on-year growth of 23.4%, with a net profit attributable to shareholders of 0.93 billion yuan, up 35.9% year-on-year [1]. - The AI terminal sector shows a clear growth trend, with AI hardware terminal revenue reaching 20.9 billion yuan, a 17% increase year-on-year, benefiting from the innovation cycle of major clients [1][2]. - The automotive sector saw significant growth, with revenue reaching 1.18 billion yuan, a 38% increase year-on-year, and the company is expected to turn losses into profits in this segment [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 23.63 billion yuan and a net profit of 0.93 billion yuan, exceeding market expectations [1]. - The company forecasts net profits of 2.3 billion yuan and 3.1 billion yuan for 2025 and 2026, respectively, driven by continuous growth in major client business and new business expansion [3]. Business Segments - **AI Hardware**: The company is actively involved in the AI terminal market, with a focus on components for robots, AI glasses, foldable screens, and servers, which are expected to drive future growth [2]. - **Automotive Sector**: The company is expanding its product offerings in the automotive space, including battery components and charging products, and is expected to maintain high growth rates [3]. Market Position - The company has established itself as a key player in the market by forming strategic partnerships with major clients and enhancing its product offerings across various segments [2][3].